Msafe Equipments IPO

About Msafe Equipments IPO

The Msafe Equipments IPO opens on Wednesday, Jan 28, 2026 and closes on Friday, Jan 30, 2026. The allotment of shares will take place on Monday, Feb 2, 2026. The credit of shares to the demat account will take place on Tuesday, Feb 3, 2026. The initiation of refunds will take place on Tuesday, Feb 3, 2026. The listing of shares will take place on Wednesday, Feb 4, 2026.

The IPO of MSafe Equipments consists of both a fresh issue and an offer for sale component. The fresh issue will include 0.44 crore shares aggregating to ₹54.12 crores. The offer for sale portion includes 0.10 crore shares aggregating to ₹12.30 crores. The total number of shares and aggregate amount are 54,00,000 shares (aggregating up to ₹66 crores).

Msafe Equipments IPO’s price band is set at ₹116 to ₹123 per share. The lot size for an application is 1000. The minimum amount of investment required by an individual investor (retail) is ₹2,46,000 (2,000 shares) (based on upper price). The minimum lot size required for investment by HNIs is 3 lots (3,000 shares), amounting to ₹3,69,000.

Msafe Equipments is engaged in the business of manufacturing, sales and rental of access and height-safety equipment, primarily used to facilitate safe working at heights. Their product portfolio includes aluminium scaffoldings, mild steel (MS) scaffoldings, aluminium ladders and fibre reinforced plastic (FRP) ladders, which are designed to meet varied operational and safety requirements across construction, maintenance, installation, repair and infrastructure development activities.

Objectives of Msafe Equipments IPO

• Funding of capital expenditure towards setup of a new manufacturing facility.
• Funding of capital expenditure for manufacturing of equipment for rental purposes.
• Utilization towards working capital requirements.
• General corporate purposes.

Industry Outlook

The India Scaffolding Market was valued at Rs. 7208.97 crores in 2024 and is expected to reach Rs. 12811.78 crores in 2030, registering a CAGR of 10.06% for the forecast period (2024-2030). The scaffolding industry is moving away from traditional bamboo and basic mild steel pipes to advanced, safety-certified systems like cup lock, ring lock, and aluminium stairway towers. Aluminium scaffolding is becoming increasingly popular due to its lightweight nature, ease of transportation, rapid assembly, corrosion resistance and extended lifespan. (Source: Mordor Report) The India Ladders Market was valued at Rs. 1,358.27 crores in 2024 and is expected to reach Rs. 2,233.90 crores in 2030, registering a CAGR of 8.65% for the forecast period (2024–2030). Growth in this sector is driven by infrastructure development, urbanization, industrial expansion, stringent safety regulations, and innovations in ladder design and materials. (Source: Mordor Report)

Msafe Equipments Company Information

Incorporated in 2019, the company engages in the business of manufacturing, sales and rental of access and height-safety equipment, primarily used to facilitate safe working at heights. Their product portfolio includes aluminium scaffoldings, mild steel (MS) scaffoldings, aluminium ladders and fibre reinforced plastic (FRP) ladders, which are designed to meet varied operational and safety requirements across construction, maintenance, installation, repair and infrastructure development activities.

They offer various types of aluminium scaffoldings such as stairway, narrow-width, extra reach, podium, cantilever, and bridge sections. Aluminium scaffoldings are lightweight, modular systems known for rapid assembly and scalability. MS scaffoldings are steel structures used in long-duration construction and infrastructure projects that require higher structural strength and load-bearing capacity. Aluminium and FRP ladders include A-type, straight, platform and cage variants. Aluminium ladders are commonly used where mobility is required, while FRP ladders are non-conductive and suitable for electrical applications.

Strengths of Msafe Equipments

• Multi-model source of revenue through product sales and rental services.
• In-house manufacturing facilities supported by quality certifications.
• Well diversified customer base spread across various industries & geographies.
• Experienced promoters and management team having domain knowledge.

Risks of Msafe Equipments

• Business is significantly dependent on the performance of the construction and infrastructure sector.
• A significant portion of their revenue comes from the sale and rental of their key product i.e. Aluminium Scaffolding. Any decline in their sales will affect the business.
• They do not have long-term agreements with their customers, and their revenues are dependent on purchase orders or work orders.
• Depend significantly on a limited number of suppliers for procurement of raw materials.
• Their business operations are majorly concentrated in certain geographical regions.

Notes: (i) Source – All the financial information for listed industry peer mentioned above is sourced from the Financial Results of the aforesaid companies for the year ended March 31, 2025 and stock exchange data dated December 30, 2025 to compute the corresponding financial ratios.
(ii) For Msafe Equipments, the Current Market Price is taken as the issue price of equity share. Further, P/E Ratio is based on the current market price of the respective scrips.
(iii) The EPS, NAV, RoNW and total Income of Msafe Equipments are taken as per Restated Financial Statement for the F.Y. 2024-25.
(iv) NAV per share is computed as the closing net worth divided by the weighted average number of paid-up equity shares as on March 31, 2025.
(v) RoNW has been computed as net profit after tax divided by closing net worth.
(vi) Net worth has been computed in the manner as specified in Regulation 2(1) (hh) of SEBI (ICDR) Regulations, 2018.
(vii) The face value of Equity Shares of Msafe Equipments is ₹ 10/- per Equity Share and the Issue price is [●] times the face value of equity shares.

Anchor Investor Bidding Date:

Tuesday, January 27, 2026*

*The Company may, in consultation with the Book Running Lead Manager, consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bid/Offer Period shall be one Working Day prior to the Bid/Offer Opening Date.

• Registrar: Maashitla Securities Private Limited
• Book Running Lead Managers: Seren Capital Private Limited

Msafe Equipments Business Model

The company earns its revenue through manufacturing, sales and rental of access and height-safety equipment, primarily used to facilitate safe working at heights.

Msafe Equipments Growth Trajectory

Msafe Equipments’ total income for FY25 was ₹71.622 crores, whereas in FY24 and FY23 it was ₹48.337 crores and ₹29.712 crores, respectively.

The profit after tax for FY25 was ₹13.012 crores, whereas in FY24 and FY23 it was ₹6.552 crores and ₹3.647 crores, respectively.

Their EBITDA for FY25 was ₹26.077 crores, whereas in FY24 and FY23 it was ₹15.115 crores and ₹9.189 crores, respectively.

Msafe Equipments Market Position

The company’s customer base extends across a wide spectrum of industries, including civil construction, infrastructure development, facility management, HVAC solutions, MEP contracting, interior contracting, electrical contracting, warehousing and logistics, firefighting and safety systems, among others. During FY 2024-25, they served more than 2,500 customers through both sales and rental channels.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹71.622 crores, ₹ 13.012 crores, and ₹26.077 crores, respectively.

How to apply for Msafe Equipments IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.